Town finance director outlines Q1 2025 results, launches water equal-payment program and previews 2023 audit

Nick Redavid, finance director and treasurer for the Town of Wellington, presented the town's first-quarter 2025 treasurer's report and updates to the board at the June meeting.

Redavid told trustees the presentation uses governmental accounting standards and the modified-accrual basis of accounting, meaning some expenditures recorded in the report reflect prior-period services and invoices. "Governmental accounting standards allow for prior period adjustments," he said, adding that information in the packet was generated on May 29, 2025.

Redavid said operating revenues are below budget year to date largely because of delayed property-tax receipts and lower winter water sales, and he described several timing issues that make a single-quarter snapshot incomplete. "Given the short amount of time that has occurred in the fiscal year...a look back at the first quarter, while informative, is not indicative of what we need to act on at this point," he said.

Why it matters: the treasurer's presentation sets expectations for the 2026 budget process, explains why some funds appear under-budget in Q1, and announced new programs and audit timing the public and trustees will watch in coming weeks.

Key details and near-term steps

- Equal payment program for water: Redavid said an optional equal payment program (EPP) for residential water-volume charges will go live on the town website in the next couple of weeks. Participation will be available only to owner-occupied residential accounts that have a connection date on or before March 30, 2024, so the program can rely on 12 months of usage data. He said a pilot has been running since March to test installment calculations and payment processing.

- 2023 audit: Redavid reported he received a draft of the independent auditors' report for the year ended Dec. 31, 2023, at 6:23 p.m. the previous evening. "According to this current draft of the independent auditors report, the financial statements appear to present fairly in all material aspects the financial position of the town for 2023," he said, while cautioning the draft may change pending completion of testing.

- Revenue timing and outlook: Redavid said about $2.3 million in delayed property-tax revenue was released to the town in May after a county audit process and that highway-user tax funds delayed earlier were released after required reporting to the state's Department of Transportation. He advised trustees that sales tax generated in January–March 2025 is higher than budgeted, reversing a prior projection of a 5% year-over-year decline.

- Policy work and operations: the finance department is updating the town's financial management policy (debt management, signature authorization, emergency procurement). Redavid said the department is also reviewing merchant processing options and recently reconvened a revamped Wellington Finance Advisory Board.

Board reaction and next steps

Trustees offered largely positive feedback. Trustee Teets thanked Redavid "for the detailed report." Trustee Moyer called it "one of the best financial reports that I've heard," and multiple trustees praised the planned EPP as helpful for residents' budgeting. Redavid said he will return to the board with the final audited 2023 financial statements once testing concludes and will continue work on the 2026 budget process.

Ending: Redavid asked trustees to treat the first-quarter review as informational and not a basis for immediate action; he said he will follow up on outstanding items and provide final audit documents when available.